Common use of Description of Severance Package Clause in Contracts

Description of Severance Package. The “Severance Package” will consist of: (a) all Accrued Obligations (defined below); (b) a “Severance Payment” equal to the greater of: (i) the amount of Executive’s then in effect Base Salary that would have been payable to Executive if Executive had been employed by the Company from the Date of Termination through the end of the Employment Term, or (ii) an amount equal to one (1) year of Executives then in effect Base Salary; and (c) Upon termination of employment, the Executive will be allowed to continue in the Company’s group health insurance plan at the Executive’s own expense for up to eighteen (18) months, in accordance with applicable law (COBRA). However, if the Executive elects COBRA coverage, the Company will pay the first twelve (12) months of COBRA coverage.

Appears in 4 contracts

Samples: Employment Agreement (It&e International Group), Employment Agreement (It&e International Group), Employment Agreement (It&e International Group)

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